Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Windflow attracts Mighty River Power

30 JUNE 2008

Windflow attracts Mighty River Power

A leading New Zealand electricity generator, Mighty River Power Ltd has signed agreements to purchase a 19.95% cornerstone shareholding in the rapidly developing Christchurch listed technology company Windflow Technology Ltd.

The placement is subject to shareholder approval and is expected to raise in excess of $7 million and is based on the expected shareholder capital post the upcoming options exercise in September 2008.

Further, Mighty River Power has also signed a "turnkey" agreement with Windflow to build its first wind farm near Wellington using Windflow 500 wind turbines (subject to resource consent).

"It is a significant step forward in Windflow Technology's growth plans to be able to announce such a high profile New Zealand company as both a customer and shareholder," said Mr Geoff Henderson, Chief Executive of Windflow Technology.

Acting Mighty River Power Chief Executive William Meek said, "Windflow Technology is a progressive New Zealand company with exciting wind turbine technology - the smaller turbine is easily transportable and suited to New Zealand's terrain and wind conditions."

"Given the increasing value of wind as a renewable energy source, both domestically and internationally, the company has promising growth prospects," Mr Meek added.

Mr Henderson said the additional equity capital investment "will enable Windflow to accelerate its development of new variants of the Windflow 500 wind turbine and entry into new market sectors."

"We are very pleased to have the Windflow 500 wind turbine's technical and competitive advantages recognised in its selection by Mighty River Power as the basis of their entry into the exciting field of wind power," said Mr Henderson.

"This is the first Windflow wind farm project with Mighty River Power on a very high wind speed site, where the advanced technical features, low visual and environmental impact are strong attributes of the Windflow 500 Turbine."

Mighty River Power are currently investigating a number of other sites which may be suitable for the Windflow 500 wind turbine.

ENDS


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Restrictions Lifted: No Further Tau Flies Found

The Ministry for Primary Industries (MPI) confirms that all restrictions on the movement of fruit and vegetables in Manurewa, Auckland, due to the Tau fly, have been lifted as of 2.26pm on Sunday 7 February. More>>

Crowdfinding: Awaroa Beach To Become Public Land If Appeal Succeeds

Conservation Minister Maggie Barry says a privately-owned beach will become part of the Abel Tasman National Park if an online crowdfunding campaign to buy it succeeds... More>>

ALSO:

Meat Workers Union: Waitangi Mondayisation Flaunted By Large Employer Of Maori

At the AFFCO Talley owned meat plant in Rangiuru, the company has resorted to bullying and threats... saying they could be disciplined and their union sued for an unlawful strike if workers exercise their rights to a paid day off tomorrow. More>>

Earlier:

ETS Review: Modelling Documents Released

Three technical documents are being released to help New Zealanders engage with the Emissions Trading Scheme (ETS) review, Climate Change Minister Paula Bennett says. More>>

ALSO:

Northland: Govt Plan Targets Transport, Web, Maori Assets

The government has released a 10-year plan to attract investors and lift economic growth in Northland, a region that perennially underperforms the rest of the country even while being endowed with natural beauty, productive land, minerals, a potential workforce, scope for manufacturing, forestry and aquaculture, and proximity to Auckland. More>>

ALSO:

Statistics: Unemployment Rate Falls To 5.3 Percent

The unemployment rate fell to 5.3 percent in the December 2015 quarter (from 6.0 percent), Statistics New Zealand said today. This is the lowest unemployment rate since March 2009. There were 16,000 fewer people unemployed than in the September ... More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news